Ramky Estates Takes Over 4.3 Million Square Feet of Skylark Projects in Bengaluru
Hyderabad-based real estate arm of Ramky Group, Ramky Estates & Farms Ltd (REFL), has announced the strategic takeover of about 4.3 million square feet of stalled residential developments from Skylark Builders in Bengaluru. The projects have an estimated revenue potential of approximately ₹2,000 crore, with a cost to complete of around ₹1,500 crore.
A ₹600 crore fund has been secured through the SWAMIH Fund to support project execution and timely delivery. The intervention covers multiple projects across key micro-markets in Bengaluru and is expected to benefit over 1,800 homebuyers, with a cumulative development footprint of nearly 5 million square feet. Ramky noted that these projects had faced prolonged execution and delivery delays, impacting customer confidence as well as overall project viability.
Sharan Alla Reddy, executive director, REFL, said, “This is not just a takeover, it is a responsibility towards families who have placed their trust in these projects. Our focus is to bring stability, transparency, and execution certainty through disciplined processes and a long-term commitment to delivery.”
Ramky Estates also said the takeover is aimed at reviving construction activity, instilling execution discipline, and ensuring time-bound delivery of the projects. The move also highlights a growing trend of institutional developers stepping in to revive stressed real estate assets.
To ensure a smooth revival, Ramky Estates has introduced a strong execution and governance framework, including financial discipline, engineering and legal checks, approval revalidation, and transparent milestone-based customer updates to improve accountability and ensure timely project delivery.
Ramky Group is a diversified conglomerate with a presence in various sectors including infrastructure, construction, and real estate. Ramky Estates & Farms Ltd, a subsidiary of the group, has been actively involved in developing residential and commercial projects across India. This strategic move underscores the company's commitment to the real estate sector and its dedication to addressing the challenges faced by homebuyers and the industry at large.
The acquisition of these stalled projects is expected to not only benefit the homebuyers but also contribute to the overall economic growth of Bengaluru. By ensuring the timely completion and delivery of these projects, Ramky Estates aims to restore faith in the real estate market and set a benchmark for transparency and accountability in the industry.
